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When Brisbane-based Telco Australia made its debut on the Australia Stock Exchange in December 1998 the listing was a classic 'stag'. The shares, which had been offered at 20 cents, opened at 40 cents and within a few days had been driven up to 64 cents. That, however, was as good as it got, and the shares have since averaged a little over the 40 cent mark.

The initial excitement, rapidly followed by a lull in interest, was perhaps to be expected. Telco is one of around 200 telecommunications 'resellers' that were spawned by the 1997 deregulation of the Australian telecommunications...

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